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Description
Partnership Dissolution AgreementA Dissolution of Partnership is an agreement between the Partners in an ordinary Partnership whereby they agree to dissolve the Partnership and the procedures and consequences of such dissolution. There are no formal rules that apply to these agreements, and a written contract is therefore not a requirement for the dissolution of a Partnership, although such an agreement is highly recommended in order to reduce disputes amongst the Partners and to
A Dissolution of Partnership is an agreement between the Partners in an ordinary Partnership whereby they agree to dissolve the Partnership and the procedures and consequences of such dissolution.
There are no formal rules that apply to these agreements, and a written contract is therefore not a requirement for the dissolution of a Partnership, although such an agreement is highly recommended in order to reduce disputes amongst the Partners and to provide certainty regarding the consequences of dissolution. In the event that an issue arises amongst the Partners, where there is no written agreement or the agreement does not deal with the issue in dispute, the provisions of the Partnership Act 1890 as amended shall prevail.
Agreement contents
1. Definitions
2. Dissolution
3. Assets and Liabilities
4. Continuation
5. Shortfall
6. Records and Accounts
7. Disposal of Proceeds
8. Advertisement
9. Release
10. Governing Law and Jurisdiction
11. Counterparts
12. Notices
13. Costs
14. Signatures
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